Earlier this year, Bhanu (full name withheld), a resident of Hyderabad, was desperate to get a fresh loan to pay the EMI for his house as defaulting another month would mean having to relinquish the house he had bought just a year ago with his wife. Not knowing what to do, he googled “easy ways to raise money” and chanced upon a peer-to-peer (P2P) lending platform called I-lend.
I-lend is among the several websites that have emerged in India over the past few years offering a platform to connect individuals who can borrow and lend money to each other at rates less than what is charged by credit institutions such as banks or NBFCs (Non-Banking Financial Companies).